As we continue our series on recalibrating the industry of independent education, we turn our thoughts to an age-old question about our price:
Are all of our collective strategic woes simply about our price? In other words, as we see declining demand, increased financial aid leveraging and tuition discounting, and shrinking enrollments in many areas of the nation, does it simply boil down to our pricing model? Is independent education, as it is currently defined and practiced, simply too expensive for the future?
From my vantage point, it’s a mistake to think that price is a unilateral issue with private education. It is a serious issue, make no mistake. But, price has to be considered within a larger context, such as the varying delivery platforms of education, new types of schools (micro schools, charter schools, etc), new consumer mindsets, changes in generational thinking, or the role of education in our society. Each one of these areas is a moving target, evolving as we speak.
Is there a role for independent education in our society? What should it cost? How large should be the enrollment? And how should it be delivered? We will look at three potential scenarios later this week.